US datacentre provider has reported results for the quarter ended March 31, 2015.
Highlights included: As of May 7, 2015, operating portfolio including the newly opened SC1 Phase IIB was 94% leased and commenced as measured by computer room square feet (“CRSF”) and as measured by critical load (in Megawatts).
• As previously reported, signed two leases totalling 2.20 MW and 9,039 CRSF. One of these leases is our first mini-wholesale lease.
• As previously reported, renewed two leases with one customer totalling 2.28 MW and 10,800 CRSF. Theses leases were originally scheduled to expire in 2017 and 2019, but have been extended 7.0 years and will now expire in 2024 and 2026.
• Commenced development of ACC7 Phase II, totalling 8.9 MW and 51,000 CRSF.
• Subsequent to the first quarter 2015: Signed two leases totalling 4.83 MW and 24,739 CRSF; Placed SC1 Phase IIB into service 100% leased, totalling 9.1 MW and 42,000 CRSF.
Christopher Eldredge, President and Chief Executive Officer, said, “The first ten weeks of my tenure as CEO have been very exciting. Demand for DFT’s product remains strong in our prime markets. We continued to experience leasing success in Santa Clara as SC1 Phase IIB opened 100% leased, and we also executed our first lease at CH2. We have also embarked on the development of a strategic plan, the results of which we plan to share with you when complete.”
Financial results for the First Quarter 2015 included: For the quarter ended March 31, 2015, earnings were $0.24 per share compared to $0.30 per share for the first: quarter of 2014. The current quarter was negatively impacted by a customer who filed for bankruptcy, resulting in $0.03 per share of revenue not being recognized. Also, the company recognized a $0.07 per share charge for the severance expense and equity accelerations associated with the departure of our former CEO. Excluding these items, earnings per share for the first quarter 2015 increased $0.04 per share, or 13%. Revenues increased 5%, or $5.2 million, to $107.3 million for the first quarter of 2015 over the first quarter of 2014. The increase in revenues was primarily due to new leases commencing, partially offset by impact of the customer in bankruptcy noted above.
